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ARTICLE · 07 JULY 2020

New Communiqué On Material Transactions And Exit Rights

The CMB is entitled to take a decision to reinstate the transaction if the transaction is not duly performed. If this decision is not fulfilled within 30 days

TurkeyCorporate/Commercial Law

Recent Developments

We shared the draft Communiqué on Material Transactions and Exit Right No. II - 23.3 which the Capital Markets Board of Turkey ("CMB") made available for public in our Client Alert dated March 30, 2020.

The draft communiqué prepared by the CMB was revised in accordance with the amendments to the Capital Markets Law No. 6362 ("CML") and the market actors' revision demands. The new Communiqué on Material Transactions and Exit Right No. II - 23.3 ("Material Transactions Communiqué") entered into force upon its publication in the Official Gazette No. 31168 dated June 27, 2020.

In addition, the CMB prepared a set of guidelines to explain the new updates and clarify the potential issues on the implementation of the new Material Transaction Communiqué.

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